If you itemize (1040 Schedule A), there are overall limitations on total itemized deductions you may take. These limits begin at $311,300 for married taxpayers filing jointly, $155,600 for individuals filing separately, and $285,350 for heads of household. Line 29 of 1040 Schedule A will alert you to this limit when you are computing your total itemizations. Refer to the Itemized Deductions Worksheet (for Schedule A Line 29) to figure your overall limitation.
Circular 230 Notice: Pursuant to U.S. Treasury Department Regulations, all tax advice herein is not intended or written to be used, and may not be used, for the purposes of avoiding tax-related penalties under the Internal Revenue Code or promoting, marketing or recommending advice on any tax-related matters addressed herein.
The EFM Lawyer.